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Prepare statement of cash flows for year using direct method

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Reference no: EM132476128

The following information is for Redwood Inc. for the year ended December 31, 2018. Redwood had a balance for cash and cash equivalents of $5,300 on January 1, 2018.

Cash Received from:

Customers                                           $ 1,910

Interest on investments                            205

Sale of land                                             105

Sale of common stock                                610

Issuance of debt securities                       2,010

Cash Paid for:

Interest on debt                                       305

Income tax                                                81

Debt principal reduction                           1,510

Purchase of equipment                             4,200

Purchase of inventory                              1,000

Dividends on common stock                            205

Operating expenses                                       505

Required:

Question 1: Prepare statement of cash flows for the year using the direct method for operating activities. (Amounts to be deducted should be indicated with a minus sign.)

Reference no: EM132476128

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